SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 24, 1997
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ATLANTIC RICHFIELD COMPANY
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-1196 23-0371610
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(Commission File Number) (IRS Employer
Identification No.)
515 South Flower Street, Los Angeles, California 90071
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (213) 486-3511
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
Press Release, dated March 24, 1997, concerning ARCO's present
intention with respect to its 9% Exchangeable Notes due September 15, 1997.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ATLANTIC RICHFIELD COMPANY
/s/ ALLAN L. COMSTOCK
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Allan L. Comstock
Vice President and Controller
Dated: March 24, 1997
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ARCO [LOGO] Media Relations
515 South Flower Street
Los Angeles CA 90071-2201
Telephone 213 486 3385
Facsimile 213 486 0169
FOR IMMEDIATE RELEASE March 24, 1997
ARCO ANNOUNCES INTENTION TO SETTLE ITS
EXCHANGEABLE NOTES WITH LYONDELL STOCK
LOS ANGELES -- ARCO (NYSE: ARC) today announced its present intention
to settle all its 9% Exchangeable Notes due September 15, 1997 with Lyondell
Petrochemical Company stock currently owned by ARCO.
"Our current intention to exchange out ARCO's equity interest in
Lyondell is consistent with ARCO's priorities," said ARCO Chairman and Chief
Executive Officer Mike R. Bowlin. "While ARCO has enjoyed a successful
relationship with Lyondell, we no longer consider Lyondell central to
ARCO's core business or part of our strategic growth objectives."
If market conditions remained unchanged, ARCO would expect to
realize a gain in excess of $300 million upon the exchange of its shares of
Lyondell stock. The decision to settle the Notes with Lyondell shares can
still be affected by a material change in market conditions.
ARCO currently owns 39.9 million shares, or 49.9% of the total
outstanding shares, of Houston-based Lyondell (NYSE: LYO), a leading
manufacturer and marketer of petrochemicals and, through its interest in
LYONDELL-CITGO Refining Company, a manufacturer of refined petroleum
products.
In a 1994 offering, ARCO sold $988 million of 3-year Exchangeable
Notes carrying a 9.0% annual coupon. At maturity on September 15, 1997,
the Notes are payable, at
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ARCO's option, in shares of Lyondell Common Stock at a price determined in
accordance with the terms of the Notes, or cash with an equal value.
A final decision whether to exchange the Notes for cash or Lyondell
Common Stock must be made by ARCO on or before August 1, 1997.
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For information, contact: (media) Albert Greenstein (213) 486-3384
(investor relations) Steve Enger, (213) 486-1811
